India and the United States are advancing steadily in their trade negotiations, with both sides engaged in ongoing dialogue aimed at reaching a fair and equitable agreement, according to Union Minister of Commerce and Industry, Piyush Goyal.

The Commerce Secretary recently visited the US, meeting with counterparts to push forward discussions that have been progressing well, according to Goyal's interaction with Doordarshan from Berlin.

The trade talks focus on reducing the steep tariffs imposed by the US on Indian imports, which currently stand at around 50%. Both countries are working towards a pact that seeks to more than double bilateral trade from $191 billion to $500 billion by 2030.

The discussions come after multiple rounds of negotiations were conducted following a directive by the leaders of India and the US earlier this year to negotiate a Bilateral Trade Agreement (BTA).

The negotiations were briefly paused after the US administration imposed higher tariffs on Indian goods, which India had termed "unfair, unjustified, and unreasonable." However, talks resumed in September with renewed engagement and a commitment by both sides to expedite negotiations.

Piyush Goyal also highlighted Indo-European developments during his visit to Germany, discussing stronger bilateral collaborations including the India-EU Free Trade Agreement.

Additionally, the US Ambassador-designate Sergio Gor has been actively engaging with Indian officials and Prime Minister Narendra Modi, reaffirming the strengthening of economic and strategic relations between the two nations.

The US remains India’s largest trading partner, with substantial trade volumes recorded in 2024-25. Despite the impact of tariffs causing a temporary decline in September exports, the overall trade trajectory shows a positive trend, underscoring the importance of concluding a beneficial trade agreement soon.

This ongoing negotiation is significant for enhancing economic ties and mutual prosperity between India and the US on a strategic and commercial level. The deadline for concluding the initial phase of the agreement is set for the fall of 2025, aiming for a timely and constructive outcome.

These developments reflect a concerted effort by both governments to resolve trade tensions and establish a more balanced trade framework for the future.​

Based On ANI Report